Renaissance Offers Emergency Loan Program For Businesses Impacted by Flatiron Explosion
Renaissance is partnering with the city’s Department of Small Business Services (SBS) to help small businesses impacted by the steam-pipe explosion in Manhattan’s Flatiron District.
We have established the Flatiron District Steam-Pipe Explosion Emergency Loan Program. The loans must be used as emergency working capital for businesses located between 18th and 22nd streets, and between Park Avenue and 6th Avenue. There’s a fixed interest rate of 2%, with loans available up to $30,000.
The July 19 explosion released asbestos into the air and forced the evacuation of 49 buildings, and impacted dozens of businesses. Much of the area remains inaccessible as crews continue cleanup operations. Some buildings remain off limits, while the city conducts air quality tests.
News of our Emergency Loan Program was reported in the Wall Street Journal July 29. SBS Commissioner Gregg Bishop said the city had provided assistance to more than 110 businesses, helping owners file insurance claims and partnering with Renaissance get businesses the short-term capital they need.
See below for loan details. Businesses must apply by Sept. 30, 2018.
Renaissance has a long history of assisting businesses during emergency situations. For more information about our loan products, click here.